"We believe the market is overly focusing on the perceived success/failure of
the Z10/Q10 and overlooking RIM's software opportunities in mobile device
management (MDM) and BYOD," Misek said. "After performing a scenario analysis and a
DCF-SOTP analysis, we conclude even an enterprise niche-based BBRY but with
bullish services adoption would be worth $16. In addition, a successful MDM
BYOD business could be another $16 on top."

Misek expected a March launch and highlighted a likely Feb Q miss versus the consensus (JEF $2.5B/$(0.42) vs. St $2.9B/$(0.31)). However, he said the Street is also too pessimistic in the May Q and estimates $3.2B/$(0.09) versus their $4.2B/$0.33. "We do not think the Street is incorporating the high carrier support (e.g., $600 ASP and volume commitments) into estimate," he said.

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